Your business is going to take out a loan of $98,000 to undertake a project today. The loan would be repaid by making monthly loan payments of $1,981.31 starting one month from now with an interest rate at 19.4% p.a. compounded semi-annually. You want to find out how many monthly payments your business needs to make. Answer the following questions, and choose the closest answer from the possible choices following each question:

a. This question is an example of ___________ (Answer: General Annuities Dues, Ordinary Simple Annuities, Ordinary General Annuities, or Simple Annuities Dues)

b. Which TVM variable in the financial calculator should be set equal to zero when solving for the number of payments?

c. How many monthly payments does your business need to make?

d. The loans effective annual rate is __%.

e. The effective interest rate over one payment interval is __%.

f. If the interest is compounded quarterly instead of semi-annually, for how long (in years) can your business completely repay the loan?